Altibbi startup attracts $44 million in investments
Altibbi, the Jordanian startup specialized in the field of digital health, has managed to attract investments worth $44 million, which will enable the company to expand in regional markets and develop the technologies it is working on in the field of health consultations, telehealth services, diagnostic services and pharmacy.
Ibrahim Al Mobaideen- Altibbi, the Jordanian startup specialized in the field of digital health, has managed to attract investments worth $44 million, which will enable the company to expand in regional markets and develop the technologies it is working on in the field of health consultations, telehealth services, diagnostic services and pharmacy.
The company, headquartered in Jordan and the UAE, was able to raise $44 million in Series B funding, led by Foundation Holdings and Hikma Ventures, in addition to a number of existing investors such as Global Ventures and Dash Ventures.
Al-Tibbi, founded by the Jordanian Jalil Al-Labadi in 2011, provides a 24/7 telehealth service in addition to health-focused content to its users. Today, it is present in the region's markets through four offices in the UAE, Jordan, Egypt and Saudi Arabia, and its operations are driven by about 80 employees.
Since its establishment in 2011, Altibbi has successfully attracted funding in excess of $50 million and maintains a diverse portfolio of shareholders that includes high-profile investors from previous rounds such as Endeavor Catalyst, Middle East Venture Partners, and Al-Rashed to name a few.
Jalil Al-Labadi, founder and CEO of Al-Tibbi, said that the new investments will help the company expand in regional markets, especially Saudi Arabia and Egypt, and develop the technologies it is working on, especially in the field of artificial intelligence.
Al-Labadi stressed in a press statement to “Al-Ghad” the importance of this funding round, with the support of major financial and strategic investors who have extensive experience in the field of health care and technology, pointing to the important role of the “AlTibbi” company in organizing digital health care services, and improving the quality of services provided to patients. ensuring their convenience, and reducing costs to health insurance companies and governments, even with expanding access to services across the region.
He pointed out that the new funding amounts will be invested to expand the scope of the platform's services to include electronic pharmacy services and collect samples for medical analysis and radiology so that it becomes the first regional platform specialized in providing integrated primary health care services by providing high-quality medical services at affordable prices and linked to real value, in line with the vision of the Kingdom of Saudi Arabia 2030 and the Egyptian vision for the development of the healthcare sector and digital transformation in all sectors.
He stressed that the company will promote and develop innovations in digital healthcare and increase its investments in machine learning to support physicians' efforts in providing appropriate diagnoses, medical referrals, and more accurate prescriptions.
Abhishek Sharma, CEO of Foundation Holdings commented, “The digital healthcare sector has experienced unprecedented growth, and we are on the cusp of the golden age of healthcare and healthcare technology if we haven't already entered it. Altibbi has already achieved a leading position in the digital healthcare sector, while at the same time demonstrating enormous economic potential. Our goal is to support the company to reach a distinguished position with its quality services, rapid growth, and trusted brand, and to be the first dedicated digital health platform to go public in the GCC.”
Lana Ghanem, Managing Director of Hikma Ventures, said: “AlTibbi is re-engineering healthcare, shifting the focus from curative healthcare to preventive healthcare so that patients get better health at a lower cost. We trust and support its widespread digital platform along with the quality of its virtual medical services to provide integrated and specialized healthcare. Having an integrated digital platform is no longer a luxury in healthcare, but rather an essential tool to deliver a more efficient model of care.”
Reports indicate that the global digital health market size exceeded $142 billion in 2020, and is expected to grow by more than 17% annually until 2027. While the size of the healthcare and telemedicine market in the Middle East and North Africa could reach 2 billion US dollars in 2024.
It is noteworthy that about 400 million people in the Arab world lack basic health services, including access to medical information and advice, as more than 70% of doctors' visits are unnecessary and increase the burden on the health system. In addition, chronic diseases are placing an increasing burden on health care affordability worldwide.
Altibbi is the largest provider of interactive digital health services based on artificial intelligence in the Arab world. Altibbi hosts on its website more than a million pages of Arabic medical content on the Internet and provides reliable medical information to those who need it. Six peer-reviewed scientific research has been published in the last year alone. The company has conducted 4.5 million telehealth consultations to date, has more than 20 million monthly visitors to its platform, and offers its telehealth services 24/7 in seven regional countries – with more than 1,500 certified doctors active on the platform.
According to what was published in Al-Ghad newspaper - journalist Ibrahim Mobaideen (news link)